Adam Smith：The Wealth of Nations, Book II, Chapter V, Paragraph 904

But the returns of the foreign trade of consumption are very seldom so quick as those of the home trade. The returns of the home trade generally come in before the end of the year, and sometimes three or four times in the year. The returns of the foreign trade of consumption seldom come in before the end of the year, and sometimes not till after two or three years. A capital, therefore, employed in the home trade, will sometimes make twelve operations, or be sent out and returned twelve times, before a capital employed in the foreign trade of consumption has made one. If the capitals are equal, therefore, the one will give four-and-twenty times more encouragement and support to the industry of the country than the other.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book II, Chapter V, paragraph 904 · Verified：2026-10-19 · Verification：Exact match

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